Medtech developer Aclarion downsizes IPO for second time to $11M

Medical technology developer Aclarion (ACON) has downsized its proposed initial public offering for a second time to $11M, down 77% from its original target of $48.3M.

In its latest filing, Aclarion said it now plans to offer 2M units priced between $4.50 and $6.50 per unit, which would raise $11M if priced at the midpoint of the range. Each unit will consist of one share plus one warrant to purchase one share.

Underwriters will be granted a 45-day option to purchase up to 300k additional shares and/or warrants. Maxim Group is serving as bookrunner.

Aclarion expects the deal to generate net proceeds of $9.7M, or $11.2M if the underwriter’s option is exercised in full and units are priced at $5.50. It plans to use $2M of the proceeds to retire a promissory note issued in June 2021 that carries an interest rate of 33% per year.

In March, Aclarion said that it intended to offer 2.27M units in the range of $4.50 to $6.50 apiece. If priced at $5.50, the deal would have raised approximately $12.5M.

The medical technology company originally sought to raise up to $48.3 M, according to a filing made in January.

Aclarion has developed a software product called NOCISCAN-LS that helps surgeons identify which spinal discs are causing pain in patients suffering from lower back pain. The product is used to process data collected through MR spectroscopy.

For a more in-depth look at Aclarion, check out SA contributor Donovan Jones’s “Aclarion Aims for US IPO to Fund Development Efforts”.